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Iris asks all the right questions (to file your taxes)

One of the most advanced applications of AI has been used to create, unexpectedly, a dating simulator that can prepare your taxes. So how worried should the accounting profession be about AI? And does the industry have the necessary skills, ethical guidelines and regulations in place to successfully integrate AI?

Iris asks all the right questions (to file your taxes)
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Lodging taxes is one of those tasks that most people try to avoid until the last minute. But what if taxes could be fun and engaging – even flirtatious?

Tax Heaven 3000 is a free dating simulator that can prepare some US citizens’ taxes. Users are guided by Iris, described on the website as a “cheerful, assertive girl [who is] filing singly this year”.

Image: Tax Heaven 3000

Iris helps singles complete their federal taxes, checking eligibility for the earned income tax credit, American Opportunity Credit and more.

Is Tax Heaven 3000 the future? Or are its makers modern incarnations of the mythical titan Prometheus, whose claim to fame – stealing fire from the gods and handing it humans – earned him an eternity of punishment?

It’s entirely possible that Tax Heaven 3000 is an example of the creative deployment of technology that we don’t yet have the skills, regulations and guidelines to embrace ethically.

We spoke with early stage investor in AI and AI prompt interpreter Armand Aguillon, and AI technologist and Transhuman CEO Amanda Johnstone about the impact of platforms such as Tax Heaven 3000, and how AI might continue to evolve and impact the accounting profession.

Taking AI into account

By introducing gamified elements into taxation, Tax Heaven 3000 makes the process of lodging taxes a more engaging – even fun – experience.

Although the platform might work well for a younger single person with relatively straightforward tax requirements, it may be less useful for those with more complicated finances – such as parents, those with a few income streams or corporations.

“Other than that I think it demonstrates that AI can be applied in various ways,” says Aguillon. “Some may not have maximum societal benefit but, nonetheless, still serve a purpose.”

With AI evolving at rapid-fire rate, Aguillon says people will continue to experiment and test the technology.

“We’ll see a lot more use cases in the future. That’s what happens with all new technologies. There’ll be various experiments – some of which may not be considered all that serious – but eventually it will evolve and mature.”

This maturation could lead to more personalised services based on a client’s unique needs and goals.

“An accountant might use an AI system to run a needs analysis for the client. The system would then come up with various options,” says Aguillon.

“This is a good example of an area that AI might not be able to entirely replace. There are certain nuances in individual and company scenarios. The accountant can use the AI system to see the options, but then use their expertise and skills to make well-informed recommendations.”

AI could also enhance decision-making through advanced analytics and predictive algorithms.

“This application of AI could help to identify trends, risks and opportunities that the accountant can then investigate further,” says Aguillon. “AI could also improve accuracy and efficiency of financial reporting.”

The ability of AI to undertake more menial tasks may enable accountants to focus on higher-level and strategic work.

“At Bloomberg, AI is being used to do some of the tasks that would typically be completed by a data analyst – such as researching, collating information, pulling together data and presenting information,” says Aguillon.

“This is a task that would generally take someone hours or days to complete. Bloomberg is using a very advanced application of AI.”

An ethical framework

Government has traditionally been on the back foot when it comes to regulating the development and use of AI, and is now playing catch-up.

“In 2017 Elon Musk heavily lobbied for the regulation of AI, which was mostly overlooked. The threat seemed utopian,” says Amanda Johnstone, an AI technologist and CEO of Transhuman.

Now, calls for regulation are being answered by both lawmakers and tech monoliths themselves. Johnstone says.

"Just last week, Google announced its suite of new products and publicly vowed to help users get context around the information they are absorbing by using metadata labelling.”

She adds that technical literacy and upskilling are necessary to ensure the responsible use of AI.

“There are many immersive courses offering upskilling for people of all levels. I encourage all companies to plan for the future and create an organisation-wide standard for referencing when AI has been used in collaboration research, writing or imagery. This instruction needs to come from the top down, to ensure there is no shame for people to use AI tools to assist their work.”

Aguillon outlines recommendations for ensuring AI is developed and used ethically:

  • Establishing clear ethical guidelines and regulations for AI development and usage.
  • Ensuring transparency and explainability in AI systems to promote trust and accountability. This includes showing how AI works and the consequences of using it.
  • Prioritising data privacy and security to protect users’ information.
  • Encouraging collaboration between AI developers, policy makers and stakeholders to address the potential risks and challenges.
  • Promoting education and public awareness about AI.

Overcoming the challenges that AI presents – such as data privacy and ethical concerns – will require a collaborative approach that encourages the exchange of expertise.

“As AI continues to advance, it’s crucial for governments, businesses and individuals to work together to address these challenges and ensure that AI is integrated responsibly and effectively.”

See how to clean up client data, streamline processes and derive insights by joining IFA’s Tuesday Xavier demos.

 

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